WORLD BANK (WB)

Is an international financial institution that provides loans to developing countries for capital
programs.
This is the one of the five institutions created at the bretton woods conference in 1944.The
international monetary fund, a related institution is the second: Delegates from many countries
attended the bretton woods conference. The most powerful countries in attendances were the
United States and the United Kingdom, which dominated negotiations.
The international bank for reconstruction and development (IBRD) has 189 members
countries, while the international development association(IDA) has 172 members, each
member states of IBRD should be also the member of IMF.
Although both are based in Washington DC, the World Bank is by custom, headed by
American while the IMF is led by a European. The word bank head quarter is in Washington DC.
The president of the world currently Jim Yong Kim, is responsible for chairing the meeting
of the board of directors and for overall management of the bank.Traditionally, the bank
president has always been as US citizen nominated by the united states, the largest shareholders
in the bank. The nominee is subject confirmation by the board of the executive directors to serve
for a five years renewable term.
The World Banks official goals are the reduction of poverty. According to the World
Banks articles of agreements (as amended effective 16 February 1989) all of its decisions must
be guided by a commitment to promote foreign investment, international trade and facilitate
capital investment.
Roles of the World Bank
The main function of the World Bank group is provision of low interest loans, credit that is
interest force as aids to the least developed countries for the development in the field of
education health and infrastructure. Other rules of World Bank in procurement activities includes
i.
ii.
iii.

Recommend to borrowers: That they particular consulting firms, suppliers or contractors

to borrow their money.
Undertake activities; that are responsibilities of borrowers
Participate in evaluating bids or proposal
It is not surprising that is a clash of opinion over how aid is given. In deed those offer
assistance are going to want to have a say in how the loans are used and what kind of
economic policies are fostered in a country development process.

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UNITED NATIONS COMISSION ON INTERNATIONAL TRADE LAWS (UNCITRA)

Is the core legal body of the united nations system in field of international trade law. The
commission carries out its work at annual session, which are held in alternate years at united
nations headquarters in New York and at the Vienna International centre at Vienna. Each working
group of the commission typically hold one or two sessions a year, depending on the subject
matter to be covered, these sessions also alternate between New York and Vienna.UNCITRAs
business is the modernization and harmonization of rules on International business. A legal body
with Universal membership specializing in commercial law reform world wide for over 40 years.
The United nations commissions on International Trade law(UNCITRAL) was established
by the general assembly in 1966 of December, in establishing the commission, the general
assembly recognized that dispartiers in National laws governing International Trade created
obstacles to the flow of trade, and it regarded the commission as the vehicle by which the United
Nations could play a more active role in reducing or removing these obstacles.
Members of the commission are elected for terms of six years, the commission is composed
of sixty members states elected by the general assembly membership is structured so as to be
representative of the worlds various geographies regions and its principal economic and legal
systems and also the member of the commission are elected the terms of half, the members
expiring every three years.
Trade means higher living standards, faster growth, and new opportunities through new
commerce. In order to increase these opportunities UNCITRAL is formulating modern, fair and
harmonized rules on commercial transactions, this include.
i.
ii.
iii.
iv.
v.

Legal and legislative guides and recommendations of great practical value.

Conventions, model laws and rules which are acceptable worldwide.
Updated information on case law and enactments of uniform commercial law.
Technical assistance in law reform projects.
Regional and national seminars on uniform commercial law.

General and in additional to member states, all states are not members of the commission,
as well as interested international organizations, are invited to attend sessions of the commission
and its working groups as observers

WORLD TRADE ORGANIZATION (WTO)

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. Is the only International body dealing with the rules of trade between nations. At this heart
the WIT agreements, negotiated and signed by bulk of the word trade organizations and ratified
in their parliaments. The goal is to help producers of goods and services, exporters and importers
conduct their business. The world trade organization (WTO) came into being in 1995, one of the
youngest of the International organization, and is the successor to the general agreement on
tariffs and trade (GATT) established in the work of the Second World War. It had162 members
on 10 January 2011.
The roles of trade organization (WTO) the main role is to ensure that trade flows as smoothly
predictably and freely as possible through
i.
ii.
iii.
iv.
v.
vi.

Technical assistance and training for developing countries.

Administering WTO trade agreement.
Monitoring national trade policies.
Forum for trade negotiations.
Handling trade disputes.
Cooperation with other international organizations.

In generally the WTO is very beneficial for less developing countries, giving them more time
to adjust greater flexibility and special privileges, over three quarters of WTO members are
developing countries and countries in transition to market economies.

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